→ Vehicle Loan

Vehicle Loan

Whatever be your choice of a two-wheeler or four-wheeler,  right from a Moped to a 500cc racer bike and a family Car. Here our Vehicle Loan scheme is designed for you. 

The process is simple and In-principle approval can be provided in 1 day subject to the satisfaction of CIBIL and rating scores

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15 Days

Rs. 50,000 - 5Lac 

Loan amount
10 Years

1Yr to 5Yr

Period
Interest

PF - 2.50 % + GST

Charges and Fees
Features and Benefits
  • Can be opened by all individuals including Minors under Guardianship
  • Minimum deposit amount can be invested from Rs 500/- and in multiples of Rs 100/-. 
  • Deposit period ranges from 12 months to 60 months
  • For Women Depositors 0.50% and for Senior Citizen Depositors 0.75% Extra interest on above rates
  • Nomination Facility Available, Loan Facility Available.
  • Pre-Mature Closure is allowed, subject to applicable norms.
Terms and Conditions
  • For delay in payment of monthly installments, a penalty will be charged at the rate of Rs 2/- for every Rs 100/- per month. 
  • A fraction of month will be treated as full month for the purpose of calculating penalty. 2% Pre-Closure Charges applicable
  • The Period and Installment amount is Fixed at the time of Deposit account opening. There would be no changes in that.
  • Its mandatory to become as a member of the CITO Nidhi Ltd. Member should subscribe for minimum 10 Shares with face value of Rs 10/- per share and total value of Rs 100/-. Should comply with RBI KYC norms and should provide original KYC documents along with photocopy for verification.
  • Interest will be calculated at the rate applicable for the period the deposit has actually remained with the Bank. The rates are subject to change from time to time and same will be notified. All Guidelines applicable with regard to acceptance, payment and transfer of term deposits will apply to the deposits acceptance under this scheme.
  • All resident Individuals, Proprietorship concerns can avail
  • Loan shall be for purchase of vehicle for personal use only.
  • Assessment based on Kachha Pukka Bills / ITR / GST / Bank Statements
  • Can be availed as Term Loan with easy EMI payments Option.
  • Vehicle Hypothecation in favor of CITO Nidhi Ltd.
  • Pre-Mature Closure is allowed, subject to applicable norms.
  • CIBIL deviation allowed on satisfactory justification
  • For delay in payment of monthly installments, a penalty will be charged at the rate of Rs 2/- for every Rs 100/- per month. 
  • A fraction of month will be treated as full month for the purpose of calculating penalty. 2% Pre-Closure Charges applicable
  • The Period and Installment amount is Fixed at the time of Deposit account opening. There would be no changes in that.
  • Its mandatory to become as a member of the CITO Nidhi Ltd. Member should subscribe for minimum 10 Shares with face value of Rs 10/- per share and total value of Rs 100/-. Should comply with RBI KYC norms and should provide original KYC documents along with photocopy for verification.
  • Interest will be calculated at the rate applicable for the period the deposit has actually remained with the Bank. The rates are subject to change from time to time and same will be notified. All Guidelines applicable with regard to acceptance, payment and transfer of term deposits will apply to the deposits acceptance under this scheme.

Interest Rates Chart for Different Tenures

Loan Amount85% of Ex-Showroom Price subject to maximum Loan amount Rs 5.00 Lakhs
Repayment Tenor1 Year to 5 Years
Processing Charges2.50% on Loan Amount + GST
Foreclosure Charges4% on Loan outstanding.
Primary SecurityHypothecatin of Vehicle in favor of CITO Nidhi 
GuaranteeCo-Applicant should be Spouse or any Blood relative acceptable to Bank
Collateral SecurityA suitable Guarantor is required where Co-Applicant is not available
Co-ApplicantCo-Applicant should be Spouse or any Blood relative acceptable to Bank.
Vehicle Insurance CoverageMandatory to take the comprehensive Insurance policy to the extent of total vehicle IDV value with approved Insurance Company and should submit renewal copy every year.
Other Terms & Conditions
  • For Salaried - Applicant’s age should be minimum 21 years and maximum 58 years at loan maturity (maximum 60 years for Govt. employees) and Minimum total work experience of 3 years required 
  • For Business - Applicant’s age should be minimum 25 years and maximum 65 years at loan maturity and Minimum 3 years of vintage required in the same line of business.
  • Minimum Net Salary should be Rs 12,000/-pm for Salaried, and Minimum Business Income should be Rs 1.50 Lakhs for Self-Employed. Income Proof of Salary for Salaried and Income proof from Business for Self-employed is required.
  • Loan can be sanctioned without ITRs / Income proof under Income Assessment Program, but minimum income threshold of Rs 15,000/- per month is mandatory under No Income Program
  • Pro-forma Invoice of Vehicle, Margin Money receipt from Dealer, RTO Set should be furnished
  • Vehicle should be hypothecated in favor of Bank and Insurance Policy should contain the same
  • PDC Cheques needs to submitted
  • Penal Interest of 2% and EMI bounce charges of 5% of EMI would be applicable as per Loan policy on delayed payments
  • Its mandatory to become as a member of the CITO Nidhi Ltd, and Company will issue minimum 10 shares of Rs.10/- each with total value of Rs.100/- towards share capital
  • Interest will be calculated at the rate applicable for the period of the Loan has actually remained with the Bank. The rates are subject to change from time to time and same will be notified. 
  • All Guidelines applicable with regard to Sanction, Disbursement and Repayment of Loan will apply to the Loan Policy acceptance under this scheme.